The Canadian dollar rose from its lowest level in almost two years before a report tomorrow forecast to show the pace of home construction in June stayed above the year-to-date average for the second month in a row.

Canada’s dollar weakened below parity with its U.S. counterpart for the first time in five days as employment unexpectedly dropped in January, adding to concern the world’s 11th-largest economy is slowing.

Canadian employers unexpectedly cut jobs in January while home builders slowed the pace of new construction to the least since 2009, suggesting a languid start to the new year for the country’s economy.